By INS Contributors

KUALA LUMPUR, Malaysia: Malaysian businesses got the opportunity to network with some of Russia's foremost tech companies as part of a business mission as trade and economic ties continue to grow between both countries.

The group of 13 companies under the banner of "Made In Moscow", an umbrella brand, consolidating Moscow manufacturers of high-tech and high-quality products included Sputnix, a manufacturer of satellite components and technologies, facial recognition technology developer VisionLabs and PF Logos which offers training services and technological solutions in the public transport sector.

"The main goal of the event is to expand cooperation between Russia and Malaysia, as well as between companies from these two countries," the organiser said in a statement.

"As a good start Moscow companies already have and continue development of partnership with Malaysian business of hi-tech equipment & software wear projects. The agenda also includes visits to Malaysian technological parks to learn more about hi-tech and soft landing infrastructure and collaboration with associations," it said.

Currently Malaysia is one of the priority partners for Moscow companies in the Southeast Asian region. Moscow's share in Russia's total exports to Malaysia in 2023 amounted to almost 45 percent. The dynamics of non-commodity export exceeded 87 percent last year as well.

2024 is becoming a year of growth of bilateral business cooperation between two countries including IT, food security agenda and opening a new chapter for long term strong economical technological and cultural partnership.

Malaysia has taken a recent active interest in pursing cooperation with Russia with Prime Minister Anwar Ibrahim participating in this year's  9th Eastern Economic Forum held in Vladivostok from Sept. 4-5, meeting with Russian President Vladimir Putin.

The Southeast Asian nation is among several seeking to participate in the intergovernmental grouping BRICS, as it seeks to hedge against its traditional Western leanings, mainly due to concerns over the ongoing conflict in Gaza as well as other geopolitical developments.

Malaysia has had a long history of contacts with Russia, including trade cooperation with that has seen a steady annualized increase of 15.5 percent over the past 5 years going from USD 976 million to USD2.01 billion. Russia imports a range of specialised products from Malaysia including were ball bearings, rubber products and edible products including and cocoa butter.

As Malaysia's position in the global semiconductor chain and other vital industries continues to strengthen, there is potential for such trade and cooperation to grow and Russian agricultural products are becoming increasingly competitively priced and drawing increasing attention with the Russian Union of Grain Exporters recently concluding a memorandum of understanding (MoU) with a Malaysian partner.